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<Research>CLSA Lifts Bilibili (BILI.US) TP to US$29.1, Expects Continued High Base Challenges in 4Q
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BILIBILI-W (09626.HK)'s 3Q25 results were in line with expectations, with total revenue growing by 5.2% YoY to RMB7.7 billion, and an adjusted EBIT of RMB688 million, according to CLSA's research report. Mobile game revenue fell by 17% YoY, mainly due to a decline in revenue from Three Kingdoms, partially offset by revenue from the new game Escape from Duckov. The broker expected the Company to continue facing high base challenges in 4Q25, with total revenue hiking by 5% YoY. Of which, mobile game revenue is estimated to slip by 14% YoY, but advertising revenue will rise by about 22% YoY. Profit is predicted to further increase to about RMB790 million due to reduced sales and marketing expenses. CLSA raised its 2025/ 2026 adjusted net profit forecasts by 14%/ 7%, and lifted its target price for Bilibili (BILI.US) from US$25.5 to US$29.1, with rating kept at Outperform. AASTOCKS Financial News Website: www.aastocks.com |
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